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How Is Coronavirus Changing The Nature Of Business?

Posted 1 months ago

How Is Coronavirus Changing The Nature Of Business?
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Coronavirus has changed life as we know it. The negative impact of the pandemic has been particularly damaging to businesses, many of whom have reported not even having enough cash flow to see them through the next two months.

However, as damaging as it has been, the pandemic has shown us ways that businesses can change for the better.

1. New ways of working

Many of us are working from home, on reduced pay or furloughed. That’s given us the opportunity to reflect on how we work. It’s shown that commutes weren’t as essential as we thought. According to new research,  92% of workers believe they are well equipped to work from home. Four in ten London buyers are already considering a move to the country.

It’s not just employees having a eureka moment. Agile businesses are also discovering the benefits of a workforce that can work anywhere, any time. From a revenue perspective, a flexible working culture means less office space and more money saved. But could this affect commercial landlords? Will we see offices being converted into apartments? Will this affect the supply and demand of the housing market, of which there has always been a shortage and inflated prices.

2. New ways of organising

For many businesses there has been a need to reduce operations or even mothball their businesses altogether. This has triggered many to think about how they run their businesses and what needs to change. What is the best role for each individual? Do roles need to be split or merged? Are the remuneration and bonus schemes appropriate? Where should their companies be headed in the future? This reflection can be hugely positive and create some incredible change for the better.

3. Becoming more ‘digital’

People are no longer able to pop to the shops for their every need. Instead, they’re going online. That automatically puts businesses with strong online offerings ahead of the competition.

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Now that in-person events are cancelled for the foreseeable, this digital-first approach is key to getting people talking, reaching new audiences, and continuing to grow. This can have a positive impact on your business and streamline once laborious ways of operating.

4. Becoming more adaptable

This pandemic has made many businesses realise one thing: you need to be able to adapt to survive in such an uncertain economy. Having a well defined business process is all well and good, but if you refuse to change even in the midst of a global crisis, you’re going to run into issues, fast. Sometimes being flexible and willing to adapt is the way to achieve your goals.

5. More frequent communication

During this time of quarantine, checking in with each other has become a big part of our daily lives. Family members check in with each other, friends check in with each other, colleagues check in with each other. Also, managers check in with direct reports, direct reports check in with managers, salespeople check in with clients, and clients check in with salespeople.

In this crisis, professionals are finding out that it’s beneficial to check in with each other more often—it’s beneficial to relationships and beneficial to business. Which is why you’ll see communication among professionals continue to increase post-Covid-19.

CEO of NextFin, Sacha Bright said: “Coronavirus is definitely changing the business and social landscape at lightning speed. We will most probably see offices turned into flats; shops turned into showrooms; pubs and restaurants will replace the boardroom and turn into places where you work and meet staff and clients.

“We are starting to utilise technology as we have never done before. However, it is important, once lockdown has ended, for businesses to understand the importance of physical social contact while also recognising the importance of innovating space to improve efficiency."

Author: Sacha Bright & Oliver Murphy

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.

Tagged: Covid-19 Business



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